Dublin's Gresham Hotel, which was recently acquired by Spain's Riu Hotel Group for €92 million, has seen its turnover increase by €2.1 million last year and pre-tax losses decrease to €4.9 million.
The 4-star 323-bedroom hotel saw an increase in turnover from €14 million in 2014 to €16.1 million last year due to a growing number of bookings for events and conferences, reports the Irish Times.
The newly filed accounts show that Gresham Hotel Company Limited reported a profit of €40.1 million in 2015 as a result of a €30 million writeback on impairment provisions and its staff costs increase from €4.9 million to €5.1 million as well as employee numbers rising to 139.
Its directors report stated: "The group has continued to experience an improvement in its trading, with sales increasing by 15 per cent in 2015 and earnings before interest, depreciation (ebit) and the impact of intercompany write downs increasing to €5.1 million from €3.5 million in 2014.
"Cash flow from operations was positive in the last four years and is expected to remain positive in 2016. Trading to date in 2016 has been very strong and is outperforming both budget and prior year."
